Reval Expands Strategic Partnership with Financial Innovations – Bringing Leading Derivative Hedge Accounting and Risk Management Solutions to the Wider Italian Market – Extending its Global Reach

London, 18 December 2008 – Reval, a global leader in financial risk management and hedge accounting solutions and services, today announced they are expanding their strategic partnership with Milan-based Financial Innovations, a leading Italian treasury consultancy, to sell, support and market Reval HedgeRx® into the wider Italian market.

After successfully leveraging Reval’s solution over the past two years to service the hedge accounting needs of their clients, Financial Innovations will now offer Reval’s award-winning HedgeRx directly to sophisticated Italian companies that wish to manage their hedge accounting in-house. Under the expanded partnership agreement, Financial Innovations will continue to leverage Reval to service companies that wish to outsource their hedge accounting but will also sell and service Reval for companies that prefer to manage hedge accounting on their own.

The increased scope of this partnership is integral to Reval’s European growth strategy and leverages Financial Innovations’ strong presence, extensive knowledge and expertise in the Italian market to grow their increasing Italian client base, which includes UniCredit and Maire Tecnimont amongst others. Financial Innovations, founded in 2001, is a center of excellence in risk management for large companies and acts as a single partner for all Small and Medium sized Enterprises (SMEs) for all their finance-related issues, providing a complete set of innovative solutions to their clients. Their decision to enter into this partnership stems from Reval’s solid methodology on IFRS 7 and hedge accounting and best of breed solution and delivery via the internet, which is a key success factor for ease of deployment and customer support.

Like other financially developed countries, Italy is faced with uncertainty in its credit markets, a weakening global currency against the Euro and significant volatility in commodities pricing. Italian companies of all sizes are starting to invest in risk management and hedge accounting software. This partnership provides a reliable, proven solution that addresses the needs of the Italian market and instills confidence through Reval’s globally-recognized solution and Financial Innovations’ local knowledge and expertise.

"We are excited by the prospects of this partnership," stated Jiro Okochi, CEO and Co-founder of Reval. "Reval’s market leading solution coupled with Financial Innovations’ strong presence and reputation in the Italian market is proving to be a winning combination that provides a holistic solution for the tough regulatory environment facing the Italian market."

Emanuele Facile, CEO and founder of Financial Innovations, commented that "it is now important for Italian companies to control the impact of risks in an integrated way starting from exposure management to hedge accounting. We found in Reval the best partner for delivering a full service to our clients combining software, solid market data and advisory."

About Financial Innovations

Financial Innovations, founded in 2001, is the first company to act as a single partner for all SMEs latest finance-related issues, providing a complete set of innovative solutions at a sustainable and variable cost. The distinctive element of the firm is a unique combination of consulting skills and operational experience matured in several years within corporates and banks. The team is formed by professionals with backgrounds ranging from international consulting firms and investment banks, to university professors with quantitative and methodological competencies and former senior executives within corporates. All of them can interact with corporates and banks leveraging a common background. Financial Innovations possesses strong knowledge in terms of pricing and financial/credit risk assessment. Moreover, the firm has developed new services in the financial derivatives area, alongside several Italian banks. Finally, Financial Innovations works in the Finance Area with Corporates, Agencies and Private Equity Funds.

For more information, visit www.fin-innovations.com or email info@fin-innovations.com.

About Reval

Reval is a global SaaS provider for Treasury and Risk Management, helping enterprises better manage cash, liquidity and financial risk, and account for and report on complex financial instruments and hedging activities.

For more information, visit www.reval.com or email info@reval.com.

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